Housing prices touch sky in Goa

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RUPESH SAMANT (PTI), PANAJI | 07 May 2011 18:55 IST

Investment in Goa’s real estate by pensioners and wealthy individuals from neighbouring metros have hiked the prices of homes by almost 100 per cent in the last five years, according to industry experts.

Real estate industry players confirm that the prices of flats, apartments and bungalows in the tourist belt and urban areas of Goa have got hotter in the last five years. Land prices are also being revalued every six months, inevitably escalating the cost further.

Experts admit that the prices in localities like Dona Paula, near Panaji, which is overlooking the Arabian Sea have gone out of bound for middle or upper middle class families.

“Places like Dona Paula are for elite class to live. We are getting inquiries from Bollywood celebrities, industrialists and NRIs for properties here as they are priced high due to amenities provided with them,” an official from Mathias Constructions Private Ltd told PTI.

Mathias is developing ‘Ocean Park Residency’ which is priced between Rs 65,000-90,000 per square metre as it overlooks the sea and is fully loaded with amenities required for a plush life.

“The rates of the apartments and flats entirely depend on the location and amenities provided by the builder,” said Mr Ratesh Valvaikar, Manager (Marketing and Sales), B&F Realty.

Prices of projects at places like Siolim, which is a tourist hub, are approximately Rs 36,000 per square metre while it is much lesser for the towns like Mapusa, whereas flats are sold for Rs 33,000 per square metre. Properties near Baga beach in North Goa are priced at Rs 55,000 per square metre, considering the tourism quotient.

Mr Valvaikar said prices of properties in the last five years have suddenly boomed from Rs 35,000 per sq.m. to Rs 70,000 per sq.m., a straight hike of 100 per cent.

Mr Sameer Mirajkar of Horizon Land Development Private Ltd says that the revaluation of land prices contribute for the rise in the property rates.

“The land prices are being revalued every six months, which does not happen anywhere in the country.”

He said there has been an increasing trend of looking at investing in the properties rather then stashing money in the bank accounts, which has minimal growth.

“I would say, it is wise investment considering the escalation in the prices,” Mr Mirajkar added.

Horizon has developed a property in a sub-urban locality near Panaji where bungalows are ranging between Rs 1.75 crore and Rs 2.75 crore.

With no space left in the cities to convert, the builders are now eying the sub-urban locations, which are the next growth centres.

Mr Vinay Bhasin, Director, Palacio Group, which is developing retirement homes at Goa Velha, just 10 km away from Panaji, said the developers are looking at spaces little away from congested cities.

Palacio has pioneered the concept of retirement homes, which means all the amenities required for retired life, would be available here.

As an exception to the rat-race, Mr Bhasin’s firm has aimed that 80 per cent of the property should be sold to locals and hence they are priced at lower ebb, somewhere Rs 23 lakh onwards.

He said the main aim of the property is to provide better homes for the retired people with amenities like ambulance at their disposal, chemist in the project among other things.

the demand for flat for rent in goa has increased in almost all the property portal. the reason behind this is the increased prices of the ownership homes and increased and complicated mortgage rates.

flat for rent in goa
, Goa | 11 th February 2014 16:50 IST

The proprty price will keep on growing in Goa for following reasons

1. connectivity from metro by air/road. Bangalore, Pune, Mumbai will be less than 6 hrs drive in next 5 years.

2. Need for retirement home. Goa is pefect and best place to settle down. Thanks to Goans and their culture

3. advance infrastructure of Goa

4. Plenty of Flora and Fauna adds to picturque retirement villa

5. Mopa airport which is straregically located between Kolhapur, belgaum, sindhudurg and Goa.

6. Cheap, good and fresh food

My guess Goa will be state with all villas around.

There is so much unexplored in interiors. its not just beach!

mash
, hyd | 14 th June 2013 16:31 IST

Amar Singh,..

The main reason for escalation of real estate in Goa is buyers from outside Goa in general and due to buyers from Delhi investing huge amount of illegal gotten wealth.

They have bought the assets in Goa at abnormal prices, thereby inflating the prices. Lots of places have been converted by illegal means and resold at higher prices. If these people stay out of Goan properties, then the common Goan will be able to buy a piece of land of shelter for themselves.

Ratikant
, Goa | 24 th February 2013 10:55 IST

Sameer Mirajkar ::::

Looks like you are desperate to flog your overpriced Villas.

Looks like you have some difficulty and have to advertise it here.

So what is you Mark-Up?

N.Fernandes
, London | 23 rd February 2013 17:12 IST

Girish , Panjim::

Nearly every Goan MLA, including those out of power ,have an interest or Shares in Goan Real Estate.

Churchill Alemao,Babush Monseratte & Mauvin Godinho have one. in nearly every Village of Goa.

It is all under Benami names.

Many own Real Estate in Dubai too.Churchill owns one in the UK.

N.Fernandes
, London | 23 rd February 2013 17:07 IST

dave , uk:::: and to be nearer the ground,Goans will have to build "Tree Houses " atop a Coconut Trees.!!

N.Fernandes
, London | 23 rd February 2013 16:56 IST

Escalation in price would hand out money in hands of few locals and make it unaffordable for local goans to buy property in future.there is need to control prices and make goa more environment friendly rather than conjusted and polluted.

AMAR SINGH
, delhi | 22 nd February 2013 15:49 IST

This is the high time that there should be 5% extra charge for people from outside who buy apartments and villas as holiday homes. They also should pay 3 times more house tax than Goan residents . This should be applicable to Goans who work abroad and buy apartment only for investment or holiday home .

Girish
, Panjim | 20 th March 2012 21:55 IST

Hi,

Well if you looking for true Value for money for your investment, I suggest you have a look at our V

At last prices seem to be correcting...of course from the sky high levels. Sales of apartments which have gone out of reach of salaried locals are practically stalled, with projects still trying to sell out for last 2-3 years. After holding on for long, and with property prices commencing their descent in many major cities of India, the high net worth people (or high black money holders) are looking to encash on their investments which have given considerable returns. In the absence of fund inflow, prices may correct 20-30%.

Pete
, Goa | 06 th July 2011 17:32 IST

Is this a publicity stunt to increase property price in Goa? Gross. What is crowded and what is outskirt...are these parameter in Goa or other places....

Alex
, Porvorim | 15 th June 2011 15:41 IST

Are these people who are buying these properties

are aware of Kaiga nuclear plant, what if nuclear tragedy same as japan waht is the ponit of buying at these rates

mario
, dubai | 28 th May 2011 16:43 IST

Looks like the common poor Goan man will eventually have to buy a small boat and live in the sea. Goan land that caters to the world but not its own people.